As the summer months dwindle down, JLL has once again released our annual Skyline report: a comprehensive analysis of the buildings that shape our city skyline. What we found was a competitive skyline, with plenty of room to grow.
“Philadelphia’s skyline is in expansion mode,”… Read More
This May, JLL launched our first-ever City Retail Report with the goal of analyzing the most promising retail destinations across the country. We are excited (though not surprised) to say that Philadelphia came out on top! Thanks to… Read More
Recent research from Abodo has revealed a surprising housing trend: Greater Philadelphia is the #5 region where millennials still live with their parents. In the average American city, 34.1% of 18-34 year olds either remain or return home. In Philadelphia, 41% do.
Construction activity expected to grow in 2016, but the ascent will be slower.
2015 was a remarkable year for post-recession construction activity. The construction industry took one of the hardest-hits in 2009-2010, and has been slow to bounce back and rebuild their business activity – until 2015.
Office space under construction peaked at 92.8 m.s.f.
Philadelphia was at 3.2 m.s.f. in Q4 2015
Construction costs increased in primary office markets, driven by skyrocketing labor
It’s an exciting time for Philadelphia, and no firm knows that better than us.
“There’s a real buzz here,” says Mike McCurdy, managing director of the Philadelphia market. “Cranes are everywhere, and new retailers are coming in. Millennials through Baby Boomers are moving downtown, while key suburban markets remain strong. It’s the best economy I’ve seen in my 30-year real estate career here.”
Why here? Why now?
Philadelphia has historically maintained a fairly stable economy—never… Read More
The recent hotel story in Center City Philadelphia is strong with average Saturday night occupancy at 88.2 percent and leisure room nights are up 273 percent since 1996. In June 2015 we saw a record-breaking occupancy across CBD. The seven hotel projects under construction will expand the CBD inventory by 1,800 rooms (about 16 percent) within the next 24 to 30 months. The performance of these deliveries will influence 1,500 additional… Read More
Large deals made headlines in the third quarter of 2015, according to JLL’s Office Statistics and Insights, released in October:
Four investment sales took place totaling more than $211.5M in the King of Prussia/Wayne area.
CrossPoint at Valley Forge, a recent redevelopment project at 550 E. Swedesford Road, sold for $328 per square foot, topping last year’s high watermark of 1000 Continental Drive by $22 per square foot.